- India, Saudi Arabia Agree to ‘Accelerate’ $50 Billion West Coast Refinery Project
- During a discussion with Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud, Prime Minister Narendra Modi described Saudi Arabia as one of India’s most important strategic partners.
- The West Coast refinery project is to come up in Maharashtra. The mega refinery-cum-petrochemicals complex project was first announced in 2015.
- Different areas of cooperation such as energy, defence, security, education, technology, transportation, healthcare, tourism and culture were identified in the talks between the two leaders.
India and Saudi Arabia on Monday decided to expedite the implementation of the 50-billion-dollar West Coast refinery project. Both the countries identified energy, defence, semiconductor and space as areas for intensified cooperation during talks between Prime Minister Narendra Modi and Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud.
At the first India-Saudi Arabia Strategic Partnership Council meeting, the two sides agreed to diversify the current status of their hydrocarbon relationship into a “comprehensive energy partnership” and inked eight pacts to boost cooperation in a range of areas including digitization and investment.
At a media briefing, Mr Sayeed said different areas of cooperation such as energy, defence, security, education, technology, transportation, healthcare, tourism and culture were identified in the talks between the two leaders. The two sides also held deliberations on the power grid, gas grid, optical grids and fibre networks for possible cooperation. Mohammed Bin Salman is on a day-long State visit to India following the end of the G20 Summit.
Mr Sayeed said both PM Modi and Crown Prince Bin Salman extended their “full support” to the early implementation of the West Coast refinery project for which funds to the tune of USD 50 billion are already earmarked. The West Coast refinery project is to come up in Maharashtra. The mega refinery-cum-petrochemicals complex project was first announced in 2015.
Earlier, Bin Salman was accorded a ceremonial welcome at the forecourt of the Rashtrapati Bhavan. The visiting leader and Modi held one-on-one talks before the Strategic Partnership Council meeting.
In the meeting, the two sides welcomed the launch of the India-Middle East economic corridor. “We will work together to create a great future for both countries,” he said.
Saudi Arabia is one of India’s key strategic partners in the Middle East. The overall relations between the two countries have witnessed a significant upward trajectory in the last few years. The two sides have also been focusing on strengthening their defence and security partnership.
The then Chief of Army Staff Gen MM Naravane visited Saudi Arabia in December 2020 in the first-ever visit by the head of the 1.3 million-strong Army to the important Gulf nation. Since then, there have been a series of visits of high-ranking military officials between the two sides.
(With inputs from agencies)
